Word is that Obama’s budget plan, to be introduced this week, will propose limiting individual retirement accounts, IRAs, to no more than $3 million. The intent is to keep annual pension income to about $205,000 a year – an amount that the central planners in the White House feel is “fair”. A side benefit is that the proposal would generate $9 billion in revenue for the Treasury over the next decade, according to a White House statement.
What you won’t see or hear is any effort to take on the pension abuse occurring in government and union sweetheart pension deals that use creative accounting and other sleight of hand tactics to exceed annual federal caps of $200,000. Abuse well documented by the media in the state of California and likely occurring elsewhere as well.
You can expect the usual community organizing blather and Saul Alinsky tactic of demonizing the few “rich” individuals that have accumulated large amounts in IRA accounts as an example of why such intervention is justified.
You should also expect resounding silence on the issue of government retiree pensions that fleece taxpayers and bankrupt communities. After all, these are often financial supporters of the central planning regime. Private IRA holders? Not so much.